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Prabhudas Lilladher Report
Interglobe Aviation Ltd. reported impressive performance on revenue front with 60% QoQ growth at Rs 125 billion, led by improved yield of Rs 5.24 (up 19% QoQ).
However, soaring fuel costs (fuel cost per available seat kilometer at Rs 2.18 versus Rs 1.58 QoQ) and higher forex losses (Rs 14 billion versus Rs 6 billion QoQ) continue to remain spoilsports.
Load factor at 79.6% remain considerably below pre-Covid levels of 89%, impacted by price hikes against rising fuel costs. We anticipate Q2 FY23 to be a weak quarter impacted by seasonality and weak macros.
Going ahead, we believe IndiGo is better placed than its peers with ~55% market share.
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